© Reuters. So What’s Up With Bitcoin Spinoff Litecoin Nosediving Today?
Shares of several popular altcoins, including (CRYPTO: LTC), are trading lower again Saturday afternoon in sympathy with apex cryptocurrency (CRYPTO: BTC) and second-largest market cap crypto (CRYPTO: ETH).
Crypto has traded lower this week in tandem with major U.S. indices, which are also experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.
Fed Chair Jerome Powell Wednesday said another 0.75% rate hike is on the table for the next Fed meeting in July… Read More
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
According to data from Benzinga Pro, Litecoin is trading lower by 10.03% to $42.78 Saturday afternoon. Litecoin is also lower by 35.21% over the trailing month amid ongoing weakness in the broader cryptocurrency market.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga
Read the original article on Benzinga